NEO aims to make finance decentralized for the upcoming generation and create a new digitized economy. It was China’s first-ever public blockchain when it was launched in the year 2014. Constant development in the technology is NEO’s key selling point as the new technology NEO 3.0 focuses on a greater number of transactions per second. The NEO technical analysis is as follows:
On May 27, 2021, NEO opened at $62.51. On June 2, 2021, NEO closed at $57.74. Thus, in the past week, the NEO price has decreased by approximately 7.63%. In the last 24 hours, NEO has traded between $53.82-$61.42.
Day Ahead And Tomorrow
Currently, NEO is trading at $60.90. The price has increased from the day’s opening price of $57.74. Thus, the buying pressure in the market seems strong.
The MACD and signal lines are positive. Moreover, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is bullish. Hence, the price may continue to rise further.
Currently, the RSI indicator is at 66%. It faced rejection at 55% and rose to this level. Thus, buying pressures are slowly mounting.
The OBV indicator is currently rising upward. Thus, buying volumes are dominating the selling volumes. High buying activity will neglect the downside pressure on the NEO price, and it will continue to rise.
In short, when we look at all three oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if the price continues to rise in the positive trend. If the price breaks the support level of the trend line we’ll be in a downtrend.
NEO Technical Analysis
Currently, the price is below the Fibonacci pivot point of $61.496. If the buying pressure remains strong till day end, then the price is likely to break the resistance level at $61 and will highlight the next resistance level of $63.72 according to FIB.
The price has been tested and fallen below the 23.6% FIB retracement level of $61.4. If the bears take over, then it may soon test the 38.2% FIB retracement level of $60.115. Thereafter, we have to wait and watch if the price retests and breaks down these levels. In that case, the price downswing is likely to continue tomorrow as well.